With the Alonzo update, the Cardano network can establish smart contracts.
As a ‘green’ blockchain, the network is guiding the way.
The Proof-of-Stake consensus algorithm is used.
Cardano is pleased to announce that Alonzo is now capable of executing smart contracts. On the Cardano blockchain, the Alonzo mainnet upgrade is expected to debut in late July or early August. The Alonzo testnet, on the other hand, was just released a few weeks ago.
This information was revealed during the IOHK YouTube channel’s fortnightly video update. Tim Harrison, IOHK’s marketing and communications director, made the news. He claims that they can now ‘talk’ to the Alonzo node in particular.
He also discloses that Alonzo is capable of creating simple smart contracts and transferring them to the ledger. A smart contract might be a straightforward transaction or a payment confirmation.
Furthermore, the ad claims that this is only the beginning of Alonzo White’s career. This phase is expected to begin in July. It can only commence after all of the company’s partners have finished their smart contract scripts.
As a result, the Alonzo White will be in full swing after these partners have successfully demonstrated that they can validate, execute, and submit on the chain.
The Cardano blockchain, on the other hand, is making waves with its leading ‘Green’ blockchain technology. The Proof-of-Stake (PoS) consensus system is used by Cardano. This method has been shown to be a more energy-efficient alternative to Proof-of-Work (PoW) consensus.
EMURGO, the creator of Cardano’s Yoroi wallet, discusses why PoS is a superior option. To begin with, the hardware required by validators in a PoS network is far less expensive than that required by a miner in a PoW network. Second, the PoS hardware requires just 1,900 kWh per year to operate.